Finding the Off Ramp for Your Business Ownership
Business plans often address marketing, growth, and product development issues. However, business owners fail to create an exit strategy, succession plan, or acquisition plan. Although you may not ready to sell your business or retire now, preparing for the future of your business is crucial. You should decide who to leave your business to when […]
Estate Planning Checklist for January
If you’ve already met with an estate planning attorney to put together your wills, trusts, powers of attorney, and other long-term plans, then congratulations! You’ve taken a really important step toward being prepared for the future and making things easier on your family and friends should you pass away or become unable to make decisions […]
The Elements of a Valid Trust
When creating a trust, it is important to understand the specific roles involved. The grantor is the person who establishes a trust. The designated beneficiary is the person who receives the assets held in trust when the grantor dies. Probate is unnecessary because trust property passes outside the Last Will and Testament or Intestacy law. […]
What Is Portability in an Estate Plan?
Federal estate tax law includes a provision called portability. This provision only applies to married couples. It allows the surviving spouse to use any part of their deceased spouse’s unused estate and gift tax exemption. Including portability in an estate plan protects the surviving spouse from significant estate tax bills if the deceased spouse’s estate […]
TOD Beneficiary: What You Should Know
Your named beneficiaries will likely have to go through probate to receive your real property after your death if it is only in your name and not held in trust. Although transferring property into trust can ensure your family does not have to wait for a judge to validate your will before distributing your assets, […]
Wedding Bells Later in Life? What Newlywed Seniors Need to Know About Their Estate Plans
Some seniors don’t expect to remarry after a divorce or the death of a spouse. However, life is full of surprises. You could meet someone at any age, even during your retirement years. Many older adults bring various assets and debts into a new relationship. They might also have children from a previous marriage, one […]
Why Estate Planning is the Best Holiday Gift You Can Give
This holiday season, give your family the gift of peace of mind by getting your estate planning in order. No one likes to think about their own mortality, but it’s important to have a plan in place that deals with illness, incapacity, and death. If you’re gathering with your family for the holidays, take advantage […]
Planning for Your Digital Legacy
An estate plan often focuses on tangible property such as jewelry, artwork, money, and vehicles. However, in this age of technology, it is important to remember to include your digital assets. Digital assets consist of everything we own online. Because we spend more time on computers and smartphones than we ever did before, you may […]
How Cryptocurrency and NFTs Fit into Your Estate Plan
Five years ago, cryptocurrency was probably not on your radar. Today, it may be an important investment in your portfolio. You could even own some nonfungible tokens (NFTs), which are powered by the same blockchain-based technology. Despite the dizzying fluctuations in the value of these assets, you should ensure that they are included in your […]
What Happens If Your Partner Passes Away?
If you have suffered the loss of your life partner, my heart goes out to you: few things in this world are quite as devastating. As a probate lawyer, I know grief can debilitate, and the ‘to-do’ list in the immediate aftermath can seem impossible to manage. Please understand: you need to give yourself a […]